It will not surprise me if alot of people have already contacted the developer and put there names down.

Then they must have more money than sense. Who in their right mind would make a £250,000 investment on one property, only to have £50,000 wiped off the market value even before a spade has been put in the ground! Would you?

Yes i agree, he would be. His posts are very informative and consistent too.

It's like i said in an earlier post, rather than go over all the probabilities, just accept it is being built and monitor the progress. Unless Ballymore make an announcement to the contrary, then it's all systems go.

Then they must have more money than sense. Who in their right mind would make a £250,000 investment on one property, only to have £50,000 wiped off the market value even before a spade has been put in the ground! Would you?

Can you predict the future or something? 20% is large amount to lose in 6 months. To me the market will level out, it won't go in nutter mode like some parts of the USA. Btw its only some parts of the US that has happened due to some stupid loans that certain neighbour hoods (as the Americans call them) have got.

Yes i agree, he would be. His posts are very informative and consistent too.

It's like i said in an earlier post, rather than go over all the probabilities, just accept it is being built and monitor the progress. Unless Ballymore make an announcement to the contrary, then it's all systems go.

It would be great to get some positive news on this, for Manchester & other regional cities too. I'd better go now, else old Choggers will be back with a big stick!!

It would be great to get some positive news on this, for Manchester & other regional cities too. I'd better go now, else old Choggers will be back with a big stick!!

There aren't any guarantees that the tower will be built and we all know the dangers with the economic outlook, but we have to go off what we do know for sure at the present time. Work 'is' progressing and Ballymore have not made any announcement of postponing or cancelling the development and so it is all systems go until that changes.

The £5m is based on the newly inflated building costs, but with the original number of apartments, so is a worst case (unless costs rise further). That is why they've increased the number of apartments in the scheme, particularly one bedrooms which seem to sell better.

The cost of material has been rising steadily for a couple of years now, so there shouldn't be any real surprises, although if these massive projects were priced up some time ago, they will need to be revised from time to time, and that may be what has caused a recent change with the cost of Lumiere. Piccadilly Tower should presumably be in a similar situation, and although margins are tight, there shouldn't be any reason to panic at the moment. As work is continuing on both tower projects at the moment, that backs up this view.

thanks, that makes more sense.

"The changes would increase the total number of flats from 838 to 952." - should make a big difference to the return.

That's wrong through. Anyone who really thinks about the housing market should know falling prices should not affect builds.

Well, I've thought about it some more and I still disagree. Falling prices will directly affect the building of residential towers. Less revenue for the developer, less profit (or indeed bigger loss), more risk. This is why falling prices, and uncertainty about the extent of the falls, will make building residential towers a prohibitively risky venture. That is even if finance could be raised, which at the moment is very questionable.

Am going to stop posting this negative stuff now. Will disappear for a few months till we have some news.

but this tower was "forward funded" as they say, so it would seem there is no big financial risk with Piccadilly, look back on this thread all the info's there, it was forward funded so in theory it should be built no matter what.

__________________ The more people I meet the more I become a cat person.

Well, I've thought about it some more and I still disagree. Falling prices will directly affect the building of residential towers. Less revenue for the developer, less profit (or indeed bigger loss), more risk. This is why falling prices, and uncertainty about the extent of the falls, will make building residential towers a prohibitively risky venture. That is even if finance could be raised, which at the moment is very questionable.

Am going to stop posting this negative stuff now. Will disappear for a few months till we have some news.

no need to disappear, just post in here if it's about the property market as opposed to piccadilly tower- http://www.skyscrapercity.com/showth...6#post21179316
i think people are just thinking they will have to read all about people's views of the property market just to find out the occasional snippet of news on piccadilly tower and i have just read a couple of pages in this very thread and read nothing about piccadilly tower, that's all. a lot of forumers try to keep up with dozens of threads a day so it's good to keep a structure going. just my thoughts.